The number of Americans applying for unemployment benefits has risen for a second straight week, sparking fears that a new round of trade is closing amid a resurgence in coronovirus cases – or the early recovery of the labor market -. Is reversing.
The Labor Department’s latest jobless claims figures, which cover the week ending July 25, show that more than 1.43 million workers sought unemployed assistance last week, the total number pushed to more than 54 million since the closure .
Economists surveyed by Refinitive expected 1.45 million new claims.
FED’S POWELL SAYS US ECONOMY MAY NEED ‘PROLESSED’ RESOLUTION TO ASSIST EXCESS POLICIES
This is the 19th consecutive week that unemployed claims have risen above 1 million; Before the epidemic, the record high in 1982 was 695,000 sets. Last week’s total was revised from 6,000 to 1.42 million.
Continuing claims, the number of people receiving benefits increased from 867,000 to a little over 17 million after the initial week of aid.
In California, 61,154 new employees made the biggest jump in claims applying for assistance, followed by Virginia (25,049), Nevada (14,515) and Oregon (11,013).
The COVID-19 transition and the resurgence of new shutdown measures in several US states, including Florida and California, have raised concerns over the economic recovery following solid job growth in May and June.
More than 4 million cases have been confirmed in the US, according to Johns Hopkins University, the highest in the world.
The total number of porters of the US will continue fully for the coronaryvs called, the last for the police
The renewed threat of another round of layoffs is emerging as a supplement to the $ 600 per week in unemployment benefits, part of the $ 2.2 trillion CARS Act passed in March officially ended.
Congress and the White House are currently negotiating another emergency aid package, which may include an expansion – but significant reduction, of additional jobless aid. Republicans have proposed cutting sweet benefits from $ 200 per week until states can adopt a more complex system that would provide aid at 70 percent of a worker’s prior salary.
If the virus outbreak intensifies, businesses are forced to close again, with economists warning that the consequences could be severe.
Fed University’s support for the economic status achieved by Vedic researches
“The path ahead for the economy is exceptionally uncertain, and will depend in large part on our success in maintaining the virus,” Federal Reserve President Jerome Powell told reporters during a virtual press conference on Wednesday.
He said in a relaxed tone about the time it takes for the US economy to return to pre-crisis levels, warning that it is anticipating an additional drop from the epidemic.
The latest jobless claims report comes as the Commerce Department reported a comprehensive measurement of the country’s GDP, the goods and services produced in the country, down from a record breakdown of 32.9 percent in the second quarter.
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